Discussion in 'Journals' started by lundy, Sep 2, 2003.

  1. lundy


    Symbol Pos P&L
    5 (gross)
    ATH 36
    BSC 1
    DHR 6
    FDX 101
    GD -78
    GDW -89
    PRX 28

    Shares traded Bullets
    3600 200

    Basically I played GD, DHR, BSC, ATH in the morning for scalps. Then I bought GDW, FDX, PRX for the afternoon. FDX was good, so was PRX but I should have taken some profit on it when I was up 40 cents.... I wanted to hold both of these overnight, but my stategy doesn't yet permit me to.

    As soon as I bought into my afternoon position trades, they started dropping. So I sold half shares of all of them. I eventually dumped GDW entirely for a loss. When FDX started to break out again, I bought a full position. Thats what saved me today.

    Overall it was a crappy day.
  2. lundy


    145.5 (gross)
    AGN 7
    BSC -38
    FDX -26
    GDW 17
    IR -10
    KBH 185
    LEN 10.5

    Shares traded


    KBH, what can I say. I'm still bullish on FDX and GDW, but not holding overnights yet. If either of those open where they closed, i'll be a buyer tomorrow.
  3. lundy


    Symbol P&L
    8.5 (gross)
    AMG -13
    BSC -4
    CTX 64.5
    DHR 89
    FDX -28
    GDW -33
    IR -49
    ITW 19
    LEA -28
    RE -9

    Shares traded


    I need an profit taking plan.

    I got a loss taking plan, but when the profits came rolling in today, i was like a deer in headlights. It's a sad sad story.

    I was trading 200 lots today and I took 2 scalps in GDW and DHR for about 20 cents each before i even warmed my seat.

    I then bought CTX @ 77.26 and again @ 77.6 to see it soar as high as 78.5

    At the same time, I shorted IR @ 57.37 to see it drop 50 cents very fast.

    Here I was up 240 bucks and long CTX, Short IR.... Because I had no plan on how to exit, i just held them...

    I have a plan to exit my scalp trades, I can easily jump out of a scalp for 20 - 30 cents. I need something like a trailing stop for the position trades.
  4. lundy


    ctx and ir, my entries in yellow box
  5. lundy


    Symbol P&L
    72 gross
    FDX 17
    SYK -19
    CTX -23.5
    ITW -16
    PRX 60.5
    UTX 96
    EMR 38
    OMC 34
    LEH 6
    WLP -5
    JCI -14
    ATH -122

    Shares Traded


    I scalped LEH, EMR, OMC, WLP and I tried to position trade JCI, ATH, ITW, UTX, CTX, FDX, SYK

    All my scalps were on the long side today.

    I tried to catch JCI and PRX on the long side.... I cut JCI with an early loss in the morning. PRX I also took my profits when I decided it was taking longer than I wanted it to. Good thing on both stocks.

    On the short side, SYK took too long, will be interesting to see what it does tomorrow. ATH was a mistake to begin with, I literally shorted the low and covered on the high of the bounce... ouch. I shorted CTX, but averaged into it wrong, otherwise I would have made money. I didn't double down on it... I just didn't add to my position correctly. ITW, I shorted the low, cut my losses fairly quick. UTX, my best trade, I shorted it as it broke yesterdays low, I also added to my position incorrectly thus minimizing my profits.

    With the position trades, I'm trying to trade using some of the techniques, and money management theories outlined in How to Trade Stocks by J.L. Also trying to use his pivotal point theory.

    I have a better edge scalping and I seem to be making money consistently with the scalps. I am working on my position trades so that I can handle more positions and more size.

    I basically got caught hoping on ATH, I couldn't quite recover after that. 6 winners, 6 losers, not a good ratio, and the ammounts aren't great either. After all that, the commissions caught up with me.